Shale Legend Who Helped Build the Fourth-Biggest U.S.Driller Bets on a New $3.6 Billion Venture
- At 70, Papa creates $3.6 billion Permian driller in two years
- ‘It’s kind of a personal challenge,’ fracking pioneer says
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After helping give birth to the U.S. shale boom a decade ago, Mark Papa is starting over at age 70 with a new $3.6 billion oil explorer he built from scrap amid the worst market crash in a generation.
Papa forged a reputation by building the Enron Corp. castoff EOG Resources Inc. into the fourth-biggest U.S. driller. Now, starting with a $500 million private-equity stake, he’s boosted the value of Centennial Resource Development Inc. more than sixfold in under two years. The company has no debt, unheard of in the industry, and is flush with assets in one of the world’s busiest oil patches.